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Author: Alan LittleDate: 2022-01-07

Bed Bath & Beyond (BBBY) +9% despite fiscal Q3 misses

Home retailer Bed Bath & Beyond (BBBY) traded up 9% on Thursday despite a lacklustre Q3 report showing a substantial loss and drop in revenue.

Bed Bath & Beyond (BBBY) shares jumped 9% on Thursday even though the US retail-store company posted a much wider loss than anticipated and fell short of revenue expectations in fiscal Q3.

With the latest earnings season now underway, Bed Bath & Beyond released its latest report before the opening bell on Thursday, and there was plenty for investors to mull over.

The main takeaway is that Bed Bath & Beyond’s losses mounted up during the three months to 27th November, with the -$2.78 per share figure being considerably wider than both the -$0.02 Wall Street consensus and the -$0.61 figure from a year ago.

Revenue also dipped from $2.62bn to $1.88bn, which was not enough to match the $1.95bn top line return that analysts were expecting.

Comparable sales also fell 7% year-over-year as CEO Mark Tritton admitted that trading was “pressured” due to a weak inventory and supply chain problems.

He added that “market-driven pricing, promotion optimization and product mix plans” were also introduced to combat the recent hike in inflation and other logistical headwinds.

Fiscal Q4 is looking better, but the New Jersey-based company’s guidance for a profit of up to $0.15 per share and $2.1bn revenue still missed the +$0.71 and $2.3bn figures from a FactSet survey.

After a lacklustre showing, it is perhaps a surprise that Bed Bath & Beyond’s shares rose in early trading on Nasdaq.

The jump can be partly attributed to BBBY’s status as a ‘meme’ stock, which generally pits retail investors against short sellers – this likely resulted in a large number of shares being traded on Thursday.

By around 11:30am ET on Thursday, Bed Bath & Beyond shares were up 9.38% and changing hands for $14.62.

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